Robertson Stephens Wealth Management LLC Invests $730,000 in Madison Square Garden Entertainment Corp. $MSGE

Robertson Stephens Wealth Management LLC acquired a new position in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 13,537 shares of the company’s stock, valued at approximately $730,000.

Several other hedge funds also recently modified their holdings of the company. Assenagon Asset Management S.A. increased its holdings in shares of Madison Square Garden Entertainment by 3.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,070,137 shares of the company’s stock worth $57,670,000 after buying an additional 36,363 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Madison Square Garden Entertainment by 324.8% during the second quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock worth $26,670,000 after buying an additional 510,191 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Madison Square Garden Entertainment by 2,037.6% during the third quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock worth $26,651,000 after buying an additional 561,537 shares in the last quarter. Northern Right Capital Management L.P. grew its stake in shares of Madison Square Garden Entertainment by 20.0% during the third quarter. Northern Right Capital Management L.P. now owns 475,942 shares of the company’s stock valued at $21,532,000 after purchasing an additional 79,399 shares during the last quarter. Finally, UBS Group AG grew its stake in shares of Madison Square Garden Entertainment by 28.9% during the fourth quarter. UBS Group AG now owns 294,984 shares of the company’s stock valued at $15,897,000 after purchasing an additional 66,070 shares during the last quarter. Institutional investors and hedge funds own 96.86% of the company’s stock.

Insider Transactions at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $63.76, for a total value of $1,231,269.36. Following the transaction, the director directly owned 660 shares of the company’s stock, valued at approximately $42,081.60. This trade represents a 96.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 16.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. BTIG Research assumed coverage on shares of Madison Square Garden Entertainment in a research note on Tuesday, April 7th. They set a “buy” rating and a $70.00 price target on the stock. JPMorgan Chase & Co. increased their price target on shares of Madison Square Garden Entertainment from $60.00 to $63.00 and gave the company a “neutral” rating in a research note on Wednesday, February 4th. Wall Street Zen raised shares of Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a research note on Saturday, February 28th. The Goldman Sachs Group reissued a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research note on Monday, January 5th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $61.00.

Madison Square Garden Entertainment Price Performance

MSGE opened at $67.83 on Monday. Madison Square Garden Entertainment Corp. has a one year low of $32.91 and a one year high of $68.52. The company has a debt-to-equity ratio of 15.40, a current ratio of 0.68 and a quick ratio of 0.68. The company’s 50 day simple moving average is $60.11 and its 200-day simple moving average is $55.51. The stock has a market capitalization of $2.74 billion, a P/E ratio of 62.80 and a beta of 0.61.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Tuesday, February 3rd. The company reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.35 by ($0.41). Madison Square Garden Entertainment had a net margin of 5.12% and a negative return on equity of 748.04%. The business had revenue of $459.94 million during the quarter, compared to the consensus estimate of $448.21 million. During the same period in the previous year, the business posted $1.56 earnings per share. Madison Square Garden Entertainment’s revenue was up 12.9% compared to the same quarter last year. Sell-side analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.16 earnings per share for the current fiscal year.

Madison Square Garden Entertainment Profile

Madison Square Garden Entertainment Corp. (NYSE: MSGE) is a premier live entertainment company focused on producing and hosting a wide range of events across North America. Established as a separate publicly traded entity in April 2020 through a spin-off from Madison Square Garden Company, MSGE owns and operates iconic venues such as Madison Square Garden in New York City, Radio City Music Hall, The Chicago Theatre and Sphere in Las Vegas. These facilities serve as flagship stages for concerts, sports events, family shows and cultural performances.

The company’s core business activities center on venue management, event promotion and production services.